Belgium Economy

Belgium's economy is clearly linked to its geographical and political status at the hub of Europe. It has a highly developed transport network, productive workforce, high GNP and high levels of exports all of which it has used to its advantage in recent years. However, the economy of the country is split on a regional basis with the northern Flemish area faring much better than the Walloon region's economy which still lags behind.

The country as a whole has relatively few natural resources, therefore forcing it to import significant quantities of these. Materials which is does have and therefore uses to export include coal, natural gas, construction materials, silica sand and carbonates. Roughly 75% of its trade in natural resources and manufactured goods is within the EU. However, because of a relative shortage of raw materials, Belgium also imports significant quantities including rough diamonds, petroleum and petroleum products, chemicals, clothing and accessories, and textiles.

In addition to being a founder member of the modern-day EU, Belgium and Luxembourg also formed a single trade market within a customs and currency union in 1922, known as the Belgium-Luxembourg Economic Union. This is still in place today.

An interesting feature of the Belgium economy is that the income distribution is relatively equal, particularly when compared to some of its fellow EU-members.

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